i3 Verticals down after co prices stock offering

i3 Verticals

11/09/2020 12:45

** i3 Verticals Inc  IIIV.O  shares down 3.6% at $24.50
premarket after co raises equity
    ** Payments processor sells 3.25 mln shares at $23.50, 7.6%
discount to stock's Thurs close  urn:newsml:reuters.com:*:nBwcdKnx5a
    ** Co intends to use net offering proceeds of ~$72.1 mln for
general corp purposes, including to repay debt and fund
strategic acquisition opportunities
    ** BofA, Morgan Stanley and Raymond bookrunners for offering
    ** Co has 27.5 mln shares outstanding for ~$700 mln market
cap and ~15 mln shares of free float, per Refinitiv data
    ** On Aug 11, IIIV shares rose 15% $28.86 after co posted
top- and bottom-line fiscal Q3 beats as payment volumes improved
as pandemic-related restrictions eased  urn:newsml:reuters.com:*:nBwbyL3PQa
    ** YTD, stock down 10%, but has doubled from its Mar low

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 646-223-5017))